I am shocked it takes a Chinese 'politburo' economist to school the Unemployed United States of America (U.S.S.A.) on monetary discipline/policy. Xia Bin is more credible than most of our AC/D.C. policy makers.
This tells me that something is very wrong. Here's the quote from Chinese central bank advisor Xia Bin:
"as long as the world exercises no restraint in issuing global currencies such as the dollar, then the occurrence of another crisis is inevitable. Unlike the classical gold standard, there is no market-based feedback mechanism to bring the supply of pure fiat money in line with the demand and maintain long-run price stability".
As a self-made man from the beautiful and rugged Northwest mountains I have read numerous examples, in the last couple years where a Chinese official has schooled the "land of the free and brave politicians" of how a free-market system should behave. Our FOMC is out of touch and Ben Bernanke is failing us fast.
Currency and trade wars are closer than most think. I fear our dollar will lose reserve currency status as interest rates become unhinged in 2011 or 2012. Our republic is being lost and in the hands of maniacs with NO understanding of free-market principles and leadership skills, none.